Natural disasters cause billions in damage worldwide

In the first six months of the year, natural disasters caused billions in losses worldwide, with severe thunderstorms in the USA being a major factor, according to a Swiss Re Institute press release on Wednesday. +Get the most important news from Switzerland in your inbox The reinsurer estimates that the economic costs of natural and man-made disasters totalled $127 billion (CHF109 billion) in the first half of 2024. This is lower than the $159 billion recorded in the first half of 2023. +Swiss politicians express dismay at storm damage However, only $66 billion of the catastrophe losses were insured, compared to $65 billion in the previous year. According to Swiss Re, natural disasters alone burdened insurance companies' balance sheets with an estimated $60 billion. High thunderstorm losses Severe thunderstorms with strong winds, hail, and heavy rain caused insured losses of $42 billion worldwide. In the USA alone, twelve storms resulted in losses of at least $1 billion each.